(RFIDWorld.ca) ABI Research is confident that sales for RFID technology will reach up to $5.4 billion by the end of this year and it expects that number to go up to $8.3 Billion by 2014.
This technology is expected to become mainstream with its usage for baggage handling, real-time location systems, for expensive high-end clothing, and for other similar expensive or high in quantity items which need to be kept track of.
Other possible future RFID innovations include tagged drivers licenses, e-ID government documents including health cards, as well as RFID systems in more libraries for book and other resource tracking.
Michael Liard, director of ABI said to also look out for the use of RFID technology in retail CPG supply chain management and asset management such as specialty passive UHF tags.
He believes that the coming of RFID tags will be much more rapid that the modernizing of automobiles, electronic toll collection, access control and others that make up about 61% of the total market today. From 2010 to 2014, these new applications are expected to expand at a rate of 6% compounded annually. However, other modernizing applications such as baggage handling, animal IDs, cargo tracking/security, asset management, RTLS, POS-contactless payment, supply chain management and ticketing are all expected to grow up to 19% from 2010 to 2014.